WASHINGTON, April 30 (Reuters) – The U.S. Consumer Financial Protection Bureau on Thursday finalized regulations to replace Biden-era requirement for banks to collect demographic data on small business owners who takeout loans, according to a Federal Register notice.
Bank lobby organizations had said the rule adopted under the Biden administration in 2023 had been an invasive burden that could ultimately reduce the volume of small business loans offered. The Trump administration had repeatedly pushed back the regulation’s effective date, citing court challenges against it.
(Reporting by Douglas Gillison in Washington)
